New York’sMetropolitan Transportation Authority plans to eliminate 9,367 jobs and drastically cut back subway, bus and train services that are vital to the region’s economy if the federal government fails to send more aid to the largest mass-transit system in the nation.
MTA officials Wednesday warned of a dire scenario of massive service cuts of up to 40% for subways and buses and 50% for commuter-rail lines while fares and tolls would increase. The agency is seeking $12 billion of additional federal aid to help fill budget shortfalls this year and next and said it would need to borrow $3 billion to plug budget deficits.
The scale of the cuts would threaten major disruptions to the commutes of New Yorkers and potentially exert a drag on the city’s economic recovery even after the pandemic recedes. The service cuts would mean longer wait times even during peak hours.
“This was undoubtedly one of the most difficult budgets the MTA has ever had to develop in one of the most unusual and uncertain times,” Pat Foye, MTA’s chief executive officer, said during the meeting.
The transit agency may implement those changes in May.
The doomsday scenario comes as ridership forecasts have weakened. The MTA now estimates ridership won’t reach 80% of pre-pandemic levels until 2024 in a best-case scenario, according to McKinsey & Co. analysis. Earlier projections didn’t anticipate returning to pre-pandemic levels until almost 2023.
The MTA board is reviewing a proposed 2021 budget the agency released Wednesday. That panel is set to vote on the spending plan next month.
Read more:New York’s MTA Plans 2021 Budget Without Federal Help
Source: Read Full Article